Greystone also leases pallets and sells proprietary blends of liquid plastic resins, from mostly melted down milk and detergent bottles, to other manufacturers — such as Advanced Drainage Systems, Baughman Tile Co. and plastic chair makers. Resin sales account for about 16 percent of its revenues, Kruger said.
Established in 1968 as a shell company for other ventures, Greystone acquired a closed plastic company in Dallas and did mostly research and development until 2003, when it paid $12.5 million to acquire a plastic pallet manufacturing facility in Bettendorf, Iowa. There, about 100 employees work around the clock to make 1,500 pallets a day.
Kruger since has bought the two 60,000-square-foot buildings and leased them back to the company. There are eight production lines, which cost about $2 million each, he said.
John Brown, a colleague of Kruger's from Montreal who sold plastic injection molds and other assets to Greystone, said the company faces a kind of paradigm challenge.
“People think recyclable products should cost less when they should cost more,” Brown said.
Meanwhile, Greystone's next goal is to hit $100 million in annual sales, Kruger said.
“We want our multiple shareholders to reap some revenue at some point,” he said.